MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: US APR PHILADELPHIA FED MFG INDEX 15.5

MNI: US JOBLESS CLAIMS +0K TO 212K IN APR 13 WK

MNI UK Inflation and Labour Market Insight: April 2024 Release

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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AUD/USD Testing Back Below 0.6900

AUD

AUD/USD is starting this week on the back foot, but dips sub 0.6900 were supported late last week. The pair last tracked just 0.6900, around 0.45% below NY closing levels. Broader USD sentiment is firmer, although AUD is modestly underperforming the rest of the G10 complex. The exception is NZD, with the AUD/NZD cross up around +0.20% to +1.1080.

  • For AUD/USD, be mindful that the Friday low was around 0.6892, beyond that is Thursday's low of just under 0.6860. On the topside, note the 50-day EMA comes in at 0.6957.
  • Cross asset signals are mixed today. US equity futures dipped but are recovering. AUD/JPY is down smalls on the day, back sub 94.30. Regional equities have opened up mixed, we aren't seeing weakness across the board though. The Kospi and Australian shares are modestly higher, offsetting to some degree the negative Japan lead.
  • Oil is higher, but gold is lower, in line with a firmer USD.
  • Yield differentials are moving against AUD/USD, but the 2yr spread remains within recent ranges, last at ~-35bps.
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